[27 M] I’ve been living with my grandfather since highschool. I’ve been living here rent free and bill free since. I’m 27 about to be 28, work a 70k annual job, invest and save 50-75% of my income every month. Have a good emergency fund already, and definitely ahead financially right now. I love my area and want to stay close, cheapest good apartments are 1300-1600 for a 1 bed 1 bath – 500-750 sqft.
He’s not in the best health/75 years old and is giving me the house down the line. Should I stay and input money to renew the house now or go out and live by myself for some time to experience bills etc.. I’m at a crossroads. To keep getting ahead financially or to have some freedom with expense for some time.
Any advice would be appreciated.
Keep living w my Grandfather or get my first apartment?
byu/7chinchillas inpersonalfinance
Posted by 7chinchillas
15 Comments
Is the house in a trust?
I see no reason to move. Save your money, you will experience paying bills soon enough. Save while u can, cause it makes such a huge difference the earlier you start. If you’ve been saving 50-75% of your income for several years, you could probably never save another dime and be fine… but keep saving still, lol.
If you want to experience bills you should be contributing to the household expenses.
Sharing expenses with someone reliable is the best way to grow wealth. A lot of young people are opting to live alone without roommates or partners, and this is destroying their saving ability. That said, the wrong roommates can sure do a number on finances as well. Reliable ones, however, they are like gold.
If you enjoy living with your grandfather, stay there. There’s no reason to “experience bills” just for the sake of it. If you feel you need more responsibility in your current situation, then discuss with your grandfather taking over some of the finances in your current household. Also, ask him to teach you what all is involved financially and mechanically with owning the home.
If you really want to have some sort of financial obligation, look into buying your own real estate instead of renting.
Stay with your grandfather for as long as you can 😂
Nothing like living on your own. I just moved out and I’m loving it. I don’t love the bills, but the independence is amazing. I would recommend you try it for a year and see how you like it. Just be smart and live below your means.
How much do you have saved total?
His health will only get worse. The longer he can avoid assisted living the better for both of you. Take over at least half of the monthly bills especially the ones that are a pain in the ass to pay online etc…
If you find yourself in a romantic relationship that requires you to move away, then do your best to make sure your grandfather is taking care of himself.
Do not count on inheriting his home. Things can change quickly, and older people can sometimes have a change of heart last minute. If he does not have a trust, with you as the trustee when he passes, his promises may not come through.
help your grandpa managing some of his finances and tell him that you want to help renovating the house.
IMO this is very personal – there are no right or wrong answers. The financial tradeoff is very clear. The social tradeoffs might need more thought.
Keep saving. You won’t be able to save like you are now if you move out. Start helping with the house in places that make the most sense and are practical. Moving out now will be a massive mistake.
How about u stay w grandpa cuz u love him…and hes getting to the age he will need help…and I’m sure he appreciates ur company…u should also be helping take care of upkeep of the house…on ur dime…that u were able to save…because grandpa helped u out….
The real question is…do you love your grandfather and enjoy living with him?
You might be his strongest human connection at this point in his life.
You are already adulting , no need to take on new bills. Living with your grandfather can be extremely rewarding even though some care giving is needed. Take your funding and do some travel if you like that sort of thing . I’d stay and then build the house up or sell if you so choose
The real question is do you love GD and do you both enjoy each others company?
If so, I’d stay and help out, spend on the house to modernise it. Would the house support having a part of it cut off from the rest of the house? That would be a great way for you to have some privacy but still be around for him.
Talk to him about your needs and his and work it out.